6.0. EDSR 07-08-2002 - Laserfiche WebLink

Home Browse Search

• To offset increased costs of redevelopment (i.e. contaminated site clean up) over and above the costs normally incurred in development. • • To create opportunities for affordable housing. • To contribute to the implementation of other public policies, as adopted by the city from time to time, such as the promotion of quality urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government. IV. POLICIES FOR THE USE OF TRF a. TRF assistance will be provided to the developer upon receipt of taxes by the City, otherwise referred to as the pay-asyougo method. Requests for up front financing will be considered on a case-by-case basis. b. Any developer receiving TRF assistance shall provide a minimum of twenty ten percent (210%) cash equity investment in the project. c. TRF will not be used in circumstances where land and/or property price is in excess of fair market value. d. Developer shall be able to demonstrate a market demand for a proposed project. e. TRF will not be utilized in cases where it would create an unfair and significant competitive financial advantage over other projects in the area. f. TRF shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. g. The developer must provide adequate financial guarantees to ensure completion of the project,including,but not limited to: assessment agreements,letters of credit, personal guaranties, and etcetera. h. The developer shall adequately demonstrate, to the City's sole satisfaction, an ability to complete the proposed project based on past development experience, general reputation, and credit history, among other factors, including the size and scope of the proposed project. i. For the purposes of underwriting the proposal, the developer shall provide any requested market, financial, environmental, or other data requested by the City or its consultants. j. TRF proposals shall not be used to support speculative office projects. Speculative_projects are defined as those projects which have pre-leasing • agreements for less than 50% of the available space. In addition. 50% of the jobs within the leasible office building space must be considered"new"jobs to the City- of Elk River,meaning jobs provided by employers not located in the City at any time prior to occupying space in the project. Business 4